{"id":12290,"date":"2023-08-28T12:37:17","date_gmt":"2023-08-28T12:37:17","guid":{"rendered":"\/blog\/?p=12290"},"modified":"2024-07-04T19:01:18","modified_gmt":"2024-07-04T13:31:18","slug":"check-out-what-rera-act-is-in-real-estate-and-how-beneficial-it-is","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/check-out-what-rera-act-is-in-real-estate-and-how-beneficial-it-is\/","title":{"rendered":"Check out What RERA Act is in Real Estate and How Beneficial it is"},"content":{"rendered":"\n

<\/p>\n\n\n\n

Are you considering buying a RERA registered property but wondering what is RERA?<\/p>\n\n\n\n

The Real Estate Regulation and Development Act (RERA) was\nintroduced in 2016 by the Government of India to protect the interests of\nproperty buyers. Under this Act, the\nReal Estate Regulatory Authority – RERA was established. The Act was\ninstituted to establish transparency and accountability on the part of developers\nin the real estate industry.<\/p>\n\n\n\n

What is RERA registration?<\/strong><\/h2>\n\n\n\n

Under the purview of the Act, all ongoing and under-construction\nprojects that have not received a completion certificate, need to get\nregistered with the authority. According to Section 3 of the Act, no developer\nor promoter is allowed to book, promote, sell or offer to sell property in any\nreal estate project without getting it registered with theReal Estate Regulatory\nAuthority.<\/p>\n\n\n\n

However, RERA registration is only for ongoing projects that\nhaven\u2019t been issued a certificate of completion.<\/p>\n\n\n\n

Additional Read:<\/strong> Difference\nbetween a RERA registered builder and others<\/a><\/p>\n\n\n\n

Benefits of RERA for buyers<\/strong><\/h2>\n\n\n\n

The main objective of RERA<\/a> Act is to safeguard the interest of home buyers. With stringent rules, there is no scope left for developers to dupe their customers. Read ahead to check out how RERA registration benefits you.<\/p>\n\n\n\n

\u2022 Increased transparency<\/h3>\n\n\n\n

It has become mandatory now for developers to register all property with RERA. All the details about the property have to be updated regularly. This has eradicated the problem of lack of information and misinformation. Further, the developers are not allowed to attempt a change in construction unless it is consented by two-third of the homebuyers. This protects you from any structural changes made without your consent.<\/p>\n\n\n\n

\u2022 Fair pricing<\/h3>\n\n\n\n

Earlier, each developer had a different method of calculating\nthe carpet area. This would lead to arbitrary pricing. After RERA registration has\nbeen made compulsory, everyone has to follow a standardized method of\ncalculating carpet area. Additionally, developers are only allowed to take 10%\nas advance payment.<\/p>\n\n\n\n

\u2022 Reduced Delays<\/h3>\n\n\n\n

The developers\nare required to update all the details regarding the project on the RERA\nwebsite. This helps buyers monitor the project timeline. Besides, the\ndevelopers are liable to pay an interest of 2% over SBI\u2019s MCLR for the period\nof delay.<\/p>\n\n\n\n

\u2022 Higher accountability<\/h3>\n\n\n\n

To\navoid misuse of buyers\u2019 funds, 70% of the money collected from buyers towards a\nparticular project is to be deposited into a single account. Further, this\nmoney can be used only for construction of the specific project. Within 5 years,\ndevelopers need to repair any construction defects reported. Under the RERA Act, buyers can\nalso ask for compensation if there is any inconsistency with the title deed at\nthe time of possession.<\/p>\n\n\n\n

Additional Read: <\/strong>How to\nFind Out if Your Home Builder is RERA Registered?<\/a><\/p>\n\n\n\n

\u2022 Resolution of disputes<\/h3>\n\n\n\n

The developers are required to resolve any disputes filed by the\nbuyers within 120 days of such a dispute being filed.<\/p>\n\n\n\n

With RERA registration acting as saviour, now is a good time to buy your dream house. While RERA streamlines the development process for builders, we streamline the loan process for you. Tata Capital brings to you, hassle-free, cost-effective home loans starting at just 6.70% per annum. When taking home loans from Tata Capital, check your home loan eligibility and monthly payments with our home loan EMI calculator to be aware of your housing needs. <\/p>\n\n\n\n

Not only do we ensure minimal documentation, but our process also runs fast to save you from the long and tedious process of loan approval. Need an easy home loan<\/a>? Get it with Tata Capital<\/a>! <\/p>\n\n\n\n

Apply For Home Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Are you considering buying a RERA registered property but wondering what is RERA? <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":12291,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-12290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"\nWhat is RERA Act and How it is Beneficial for Home Buyers - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"What is RERA Act? Here is a comprehensive guide for RERA. Know how RERA will impact the real estate market. 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